Cape May, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Cape May, NJ Real Estate Data


Cape May Housing Market Information

With 3,514 people, 1,552 houses or apartments, and a median cost of homes of $563,191, real estate costs in Cape May are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.

Single-family detached homes are the single most common housing type in Cape May, accounting for 40.81% of the city's housing units. Other types of housing that are prevalent in Cape May include large apartment complexes or high rise apartments ( 22.27%), row houses and other attached homes ( 19.89%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 17.02%).

People in Cape May primarily live in small (one, two or no bedroom) single-family detached homes. Cape May has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Cape May built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cape May built before 1939 ( 29.66%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.49%). There's also some housing in Cape May built between 2000 and later ( 8.26%).

A decent proportion of the Cape May housing stock is seasonally occupied. That is, homes and condos in Cape May are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Cape May housing market speaks to its popularity as a vacation location of choice.

Cape May Home Appreciation Rates

Homes have actually lost value in Cape May over the last then years, as home values have seen a decline of 19.87% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Cape May home appreciation rates at -0.13%, which equates to an annual appreciation rate of -0.50%.

Over the last year, Cape May appreciation rates have trailed the rest of the nation. In the last twelve months, Cape May's appreciation rate has been 1.15%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Cape May were at -0.13%, which equates to an annual appreciation rate of -0.50%.

Notably, Cape May's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New Jersey, our data show that Cape May's latest annual appreciation rate is lower than 90% of the other cities and towns in New Jersey.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Cape May differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cape May - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cape May real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$563,191

Cape May, NJ HOME PRICES

Value Range
> $1,001,000 8.2
$750,001 - $1,001,000 24.8
$501,001 - $750,000 22.9
$400,001 - $501,000 13.2
$300,001 - $400,000 21.8
$201,001 - $300,000 5.3
$100,001 - $201,000 1.0
$50,001 - $100,000 2.0
$0 - $50,000 0.7

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
4.76664519529191 20.5284552845528

Number Of Homes And Apartments:
1,552

Rent & Ownership

 

Average Market Rent:
$1,591 / per month

Homeownership Rate

Homeownership
Owners 51.80
Renters 48.20
Vacant 63.81

Housing Market Details

 

Age of Homes

AGE OF Cape May HOMES
2000 or Newer 8.3
1970 - 1999 43.6
1940 - 1969 18.5
1939 or Older 29.7

Types of Homes

TYPE OF Cape May HOMES
Single-Family 40.8
Townhomes 19.9
Small Apt. Buildings 17.0
Apt. Complexes 22.3
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Cape May HOMES
No Bedroom 4.73
1 Bedroom 11.78
2 Bedrooms 25.91
3 Bedrooms 29.59
4 Bedrooms 12.03
5 or more bedrooms 15.95

Cape May Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
79.73% 3.51% 9 9
* 10 is highest